Sinking crypto exchange FTX files for bankruptcy

FTX.
(Image credit: OLIVIER DOULIERY/AFP via Getty Images))

Embattled cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy, the company announced Friday. CEO Sam Bankman-Fried has also resigned, with John J. Ray III slotted to replace him.

"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said, per CNBC.

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Brigid Kennedy

Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.